Public Employees Retirement System of Ohio Buys New Holdings in Clearway Energy, Inc. $CWEN

Public Employees Retirement System of Ohio purchased a new position in Clearway Energy, Inc. (NYSE:CWEN) during the second quarter, HoldingsChannel reports. The fund purchased 35,960 shares of the company’s stock, valued at approximately $1,229,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Lazard Freres Gestion S.A.S. grew its holdings in Clearway Energy by 1.4% during the 4th quarter. Lazard Freres Gestion S.A.S. now owns 19,770 shares of the company’s stock valued at $657,000 after buying an additional 270 shares in the last quarter. Ballentine Partners LLC lifted its holdings in shares of Clearway Energy by 2.0% in the fourth quarter. Ballentine Partners LLC now owns 17,096 shares of the company’s stock worth $569,000 after buying an additional 333 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its holdings in shares of Clearway Energy by 1.4% in the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 28,500 shares of the company’s stock worth $948,000 after buying an additional 400 shares in the last quarter. Huntington National Bank boosted its position in shares of Clearway Energy by 92.4% during the fourth quarter. Huntington National Bank now owns 858 shares of the company’s stock worth $29,000 after acquiring an additional 412 shares during the last quarter. Finally, NewEdge Wealth LLC boosted its position in shares of Clearway Energy by 7.0% during the fourth quarter. NewEdge Wealth LLC now owns 8,096 shares of the company’s stock worth $269,000 after acquiring an additional 532 shares during the last quarter. 84.53% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CWEN has been the topic of a number of research reports. Weiss Ratings upgraded shares of Clearway Energy from a “hold (c-)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. Morgan Stanley dropped their price objective on shares of Clearway Energy from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Tuesday, August 18th. Wall Street Zen upgraded Clearway Energy from a “sell” rating to a “hold” rating in a research report on Saturday, August 29th. Truist Financial began coverage on Clearway Energy in a report on Monday, July 13th. They issued a “buy” rating and a $43.00 target price on the stock. Finally, Evercore reiterated a “positive” rating and issued a $40.00 target price on shares of Clearway Energy in a research report on Monday, August 17th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $43.78.

Clearway Energy Trading Up 4.3%

CWEN stock opened at $33.19 on Wednesday. The company has a market capitalization of $6.81 billion, a PE ratio of 43.67 and a beta of 0.87. The firm’s 50-day moving average is $32.82 and its 200 day moving average is $36.63. Clearway Energy, Inc. has a 12 month low of $27.67 and a 12 month high of $41.74. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.11 and a quick ratio of 1.02.

Clearway Energy (NYSE:CWEN) last released its quarterly earnings data on Wednesday, August 5th. The company reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.76. Clearway Energy had a net margin of 5.78% and a return on equity of 1.60%. The company had revenue of $481.00 million during the quarter, compared to analyst estimates of $473.92 million. On average, research analysts anticipate that Clearway Energy, Inc. will post -0.5 EPS for the current year.

Clearway Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a $0.475 dividend. This represents a $1.90 annualized dividend and a dividend yield of 5.7%. The ex-dividend date of this dividend is Tuesday, September 1st. This is a boost from Clearway Energy’s previous quarterly dividend of $0.47. Clearway Energy’s dividend payout ratio is currently 250.00%.

About Clearway Energy

Clearway Energy Group (NYSE: CWEN) is a U.S.-based energy company specializing in the ownership, operation and development of clean and conventional power generation assets. The company’s portfolio spans utility-scale wind and solar farms, biogas and natural gas-fired thermal facilities, as well as distributed generation projects such as rooftop solar and energy storage. Clearway’s generation assets are largely underpinned by long-term power purchase agreements and service contracts with creditworthy counterparties, enabling stable, predictable cash flows.

Originally launched in 2013 as NRG Yield and rebranded to Clearway Energy in 2018 following a strategic sponsorship change, the business has grown into one of the largest independent renewable energy platforms in the United States.